How To Grow Your Business

Create A Sales Funnel

Utilizing a sales funnel can help you visualize your customer’s journey from a potential customer to someone who purchases the product or service you offer. This can convert potential sales to actual sales to support the growth of your business. A clear understanding of your customer journey will pinpoint where they are in the decision-making process and how you can help them continue through the funnel. Your sales funnel will show you where you need to allocate your resources so you’re spending your time and money as wisely as possible.

Increase and Improve Customer Loyalty & Engagement

Your customers are one of the most important aspects of your business and prioritizing them is important. It’s crucial to find a healthy balance between focusing on increasing the loyalty of your current customers and bringing in new ones. There are a few ways that you can increase your customer retention, and here are some of our favourites.

a. Prioritizing customer service

b. Developing a loyalty program for your customers to be a part of

c. Engaging with your customers on social media

d. Listening to their feedback and expressing your appreciation often

Expand Your Current Services or Products

One of the best ways to continue to grow your business is to offer new products and/or services. This can seem daunting and expensive, but you can start small. For example, if you own a coffee shop, you can add a new type of syrup to the menu to increase customization options for your customers. Sometimes the smallest updates can make a world of difference to your customers and shows them that you’re willing and open to change.

Make Use of Social Media

Social media is an extremely useful tool for business owners. It is free, has high engagement rates (which leads to higher customer retention), and is easy to use. It can be scary to feel confident putting yourself out there online, but it is a great tool for growth and connection. You can easily promote your business and the products and/or services you provide while connecting with others in your community and getting to know your target audience.

There are paid forms of advertising you can utilize, but if you are on a budget, posting consistently on various platforms (Instagram, Facebook, Twitter, LinkedIn) is a great way to engage with your audience and help increase their loyalty. Your customers enjoy getting the see the genuine side of the businesses they support so being authentic online is important to grow your customer base.

Some ideas for growth on social media are including coupon codes in a post that can be used in-store, responding to comments, sharing mentions of your brand, and showing a behind-the-scenes look at the products and/or services you offer.

Engage With Your Community

This one seems simple on the surface, but being socially responsible is a great way to increase awareness and showcase our business values. It is a great way to network with other members of your community and create the possibility of future partnerships developing. Having a strong network can lead to new customers, partnerships, investors, or team members. You never know what is outside of the office unless you step outside.

Determine The Best Banking Solution

Working with a financial institution that helps you reach your business’ financial goals is important for growth. At 1st Choice, we offer customized solutions so you can find the perfect fit for you and for your business. We understand that every business is different, and every business has a variety of needs that need to be met. We will listen to your business goals and determine a path to take to help you stay on track with your goals and exceed them.

Change Is Inevitable

Being open to change is one of the first steps to growth. Change and growth can be scary and unpredictable, but it is important to learn as you go and not let roadblocks ruin the momentum you have built. Starting a business is challenging and incredibly rewarding, and looking for new avenues to grow it can add to that challenge - but with these tools, it is a challenge we are confident you can accomplish.

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